In the Reno-Sparks market there were 588 homes listed during the month of May and of those homes 81% are either under contract or already sold. For perspective, in May 2020 there were 617 homes listed. (Keep in mind that May last year was just a month or so into the Pandemic.) Active inventory as of this post for single family homes sits at about 284 homes. The fact that 81% of the homes that came onto the market were snapped up by buyers shows that the market continues to absorb most of the inventory coming on. What does this mean for buyers and sellers.
SELLERS – The market continues to favor sellers. With low inventory levels sellers face less competition from other sellers. For the homes that the Shocket Team has listed in 2021, the market has given sellers on average 6 offers and the list to sales price ratio has been 1.07%. Active inventory is up just slightly to the high 200’s. Compared to the low 200’s we were experiencing back in March and April. As the Pandemic restrictions ease we may see more sellers jumping into the market. As inventory levels increase that means more competition for sellers.
BUYERS – Buyers are still facing some pretty challenging conditions in the market. With multiple offers on many of the homes that come on the market buyers need to position themselves with cash or conventional financing. If buyers are using financing the down payment size and the buyer’s ability to guarantee the purchase price regardless of appraisal are key factors. Buyers might find some opportunities in homes that have been on the market for more than 10 days. If a home doesn’t sell right out of the gate due to price or condition, there may be an opportunity there for a buyer to come in and face less competition.
If you are considering buying or selling the Shocket Team brings 17 years of experience and can help you navigate these challenging market conditions. Contact us today.